Owls chairman Milan Mandaric dismissed former Toon defender Gary Megson on Wednesday evening, just a few days after the club's Steel City derby win over Sheffield United!
This follows the sacking of Lee Clark by Huddersfield Town after he had lost only four games out of 53!
Megson signed for Newcastle from Nottingham Forest in 1984, then joined Wednesday as a player in 1986 after only 28 appearances.
Sheffield Wednesday are reportedly in "advanced talks" with Dave Jones to replace Megson as manager.
Mandaric told Sky Sports earlier on Thursday that he was keen to make a quick appointment and hoped to finalise Megson's replacement within 24 hours.
It is now understood that ex-Southampton boss Jones will take charge at Hillsborough.
His reign at Southampton during the 1999–2000 season was rocked by his arrest on charges of child abuse during his employment as a care worker in the late 1980s.
The case put tremendous strain on the manager, who was forced to defend his case on Merseyside whilst managing a team based over two hundred miles away on the south coast.
In January 2000, Southampton decided to suspend him on full pay until the case was resolved with Glenn Hoddle taking over his managerial duties.
When the case eventually came to court, the judge recording a not guilty verdict but Southampton paid off the remainder of Jones' contract and he was free to leave the club.